US stock market has displayed tremendous amount of strength when faced with recent challenges ....be it higher and higher interest rates...still interest rates going further UP
Highest inflation in decades has not deterred stock market from going UP & UP
Based on 2 factors above stated, stock market is sitting @ highest level since mid 2022....
IF you think we are overbought, it will be a huge error in investing / trading....
Majority of sectors / index are in deep neutral territory
Only Nasdaq is showing strength based on traditional measurements....like RSI....of 70.10
SOX is best in entire market with RSI of 76.13
BUT....IF you look @ RSI of NVDA @ 83.70 & MRVL with RSI of 89.01......then everything else has lot of room to run.....
Moral of the story IS....in current TAPE you need to be patient even when you touch 80 RSI.....
Every market IS different, this IS a major bull market where many records / new all time highs could be shattered....
WHY you ask ?
I am sure, you have NOT heard of AI @ all.....???
This is a new paradigm....shift into series of new all time highs...
Look for your own preferred AI buy & sleep stock....
This IS a much bigger than Y2K.....
AI AI AI....keep repeating this mantra.....
Good luck with your own love with past or join the AI phenomenon...
AI will live for decades ....just like PC, Smartphone.....
BLOG does NOT give buy or sell.
Saleem
12 comments:
Hi Stocktrader,
Last week UP 6.60%
YTD UP 69.94%
Saleem
Hi Stocktrader,
Bought MRVL @ $62.00
Saleem
Hi Saleem,
Good luck with MRVL - some chip stocks are red hot!
Stocktrader
Hi Saleem,
Last week: +7.94% (YTD: +67.49%)
Portfolio Leaders: SYM AI IONQ PINS TOST
Portfolio Laggards: HIMS SCCO
It was another great week propelled by AI and tech strength. NVDA's Q2 guidance really helped quantify the current opportunity with AI, and many stocks made unusually extreme moves higher, catching many portfolio managers underweight this revolution. With the tentative agreement on the debt ceiling in place, I think focus returns to the Fed where raising rates even further seems to be the consensus idea. This makes me more conservative about the tech outlook given the overstretched conditions. I will look to lock in some profits given the very strong year so far and try to find some trading opportunities on pullbacks.
Holdings: SARK(x2) AI PINS SYM ENPH LYFT SCCO HIMS IONQ ZENV, cash 0%
Stocktrader
Hi Stocktrader,
Sold AI @ $41.00
Saleem
Hi Saleem,
Amazing profits!!
I will likely be selling AI and IONQ by close also.
Stocktrader
Hi Saleem,
Sold IONQ @ 10.91
Stocktrader
Hi Stocktrader,
Great gains in IONQ......
Saleem
Hi Saleem,
Sold AI @ 42.32
Stocktrader
Hi Stocktrader,
Great trade in AI $$$$$
Saleem
Hi Saleem,
Sold SYM @ 37.15 to take profits as price objectives have been reached in the short term
Stocktrader
Hi Stocktrader,
TRIFECTA today with SYM NICE $$$$$
Saleem
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